An official website of the Cuyahoga County government. Here’s how you know
Cuyahoga County Establishes First Countywide College Savings Account Program in the Nation
Media contacts:
Emily Lundgard: (216) 348-4395, (216) 338-0863 or elundgard@cuyahogacounty.us
Donisha Greene: (216) 443-7075, (216) 640-1065 or dgreene@cuyahogacounty.us
“Our program will be open to every child, regardless of income, public or private school – making post-secondary education a universal goal for all Cuyahoga County residents,” said County Executive FitzGerald. “With approximately 15,000 new kindergartners per year, it will be the largest program of its kind in the country.”
The Cuyahoga County College Savings Account Program is designed to increase college and vocational school graduate rates for county residents. The county will achieve this by establishing master custodial accounts in partnership with one or more area financial institutions and deposit $100 for each incoming kindergarten student in the county except for those who opt out. The program will create a flexible college savings platform wherein families can easily deposit additional funds, and other interested donors such as businesses, foundations, and other private sources would have the ability to provide program incentives and matching funds.
According to The Center for Social Development at Washington University in St. Louis, children with a savings account are up to seven times more likely to attend college than those without an account, regardless of income, race, or parents’ educational attainment.
“This program will offer the opportunity to engage the broader community. It will provide the vehicle for local businesses, organizations and families to directly invest in our children’s higher education goals” said County Councilman Julian Rogers.
A program committee made up of parents, educators, and representatives from the business community will be created to advise and fundraise for the program.
Emily Lundgard: (216) 348-4395, (216) 338-0863 or elundgard@cuyahogacounty.us
Donisha Greene: (216) 443-7075, (216) 640-1065 or dgreene@cuyahogacounty.us
About 15,000 Students per Year to Benefit
CLEVELAND – Cuyahoga County Executive Ed FitzGerald’s College Savings Account Program proposal received bi-partisan approval from the Cuyahoga County Council last night on a 9-2 vote. Cuyahoga County is the first county to pass such a program in the nation.“Our program will be open to every child, regardless of income, public or private school – making post-secondary education a universal goal for all Cuyahoga County residents,” said County Executive FitzGerald. “With approximately 15,000 new kindergartners per year, it will be the largest program of its kind in the country.”
The Cuyahoga County College Savings Account Program is designed to increase college and vocational school graduate rates for county residents. The county will achieve this by establishing master custodial accounts in partnership with one or more area financial institutions and deposit $100 for each incoming kindergarten student in the county except for those who opt out. The program will create a flexible college savings platform wherein families can easily deposit additional funds, and other interested donors such as businesses, foundations, and other private sources would have the ability to provide program incentives and matching funds.
According to The Center for Social Development at Washington University in St. Louis, children with a savings account are up to seven times more likely to attend college than those without an account, regardless of income, race, or parents’ educational attainment.
“This program will offer the opportunity to engage the broader community. It will provide the vehicle for local businesses, organizations and families to directly invest in our children’s higher education goals” said County Councilman Julian Rogers.
A program committee made up of parents, educators, and representatives from the business community will be created to advise and fundraise for the program.
